The Wells Fargo Brand: 168,000 Employees

Wells Fargo's "surprise announcement" of record first-quarter earnings wasn't much of a revelation to those who've watched the bank imbed its brand into the market.

First-quarter net income reached a record $3 billion. And just think--some Wall Streeters suggested Chairman Dick Kovacevich step down after he hit mandatory retirement age (65) last October. They're not complaining now. After all, he fashioned a brand that's thriving during this historic economic downtown.

How?

Diligence in lending practices, surely. But, it took something that's been completely missed in evaluations of the bank's success: 167,500 employees trained to act on a brand message that creates committed customers.

These employee-to-customer relationships built a customer base that buys multiple products from the bank, not just a mortgage or checking account.

The bank makes it a priority that employees encourage customers to buy all their financial products through Wells Fargo. Kovacevich's goal: sell at least eight products to every customer.

"We want to earn 100 percent of our customers' business," he said. "The more products customers have with Wells Fargo the better deal they get, the more loyal they are, and the longer they stay with the company. Eighty percent of our revenue growth comes from selling more products to existing customers."

This concept, "cross-selling," is tough because individual products are often sold through their own distribution channels in larger institutions. Kovacevich was a marketing pioneer, moving all products through all channels.

It's paying off.

The average American owns 16 financial products from eight institutions, putting the "cross-sell ratio" at two. Wells averages nearly six products per household, thanks to front-line associates and managers creating relationships during routine employee-customer encounters.

That respect is shared with customers during interactions. When you visit a branch, you may see employees wearing t-shirts emblazoned with "I work for the customer." This thinking has provided big returns--in the form of deposits.

Tellers and other employees on the front lines try to make personal connections with customers. They say customers' names when speaking to them, for example.

Wells Fargo is more connected to its customers than any major American financial institution, and its board of directors was wise to grant Kovacevich exemption from the mandatory retirement age.